Asian economy faces golden opportunity

Asian financial institutions face a "golden opportunity" after the global slump left their Western counterparts struggling, the deputy head of Singapore's sovereign wealth fund said in Taipei Monday. Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC) said Asian firms were in much better shape to play a major role on the region's expansion over the next several years. "Asian financial institutions and markets have been given a golden opportunity," he told a forum in the Taiwan capital, according to the text of his speech. "The globalised Western banking system, hampered by capital constraints and re- regulation, will likely not be able to intermediate the massive capital demand needed to finance Asian growth." "This leaves the playing field unusually open for Asian financial institutions and markets, particularly for the next few years."